The National Bureau of Statistics (NBS) has valued the cost of imported petroleum products between May and September 2016 at about N1.23 trillion.

This was contained in a recent report released by the bureau. The report, Petroleum products Imports Statistics (May-September 2016) also comprises the volume and landing cost of petroleum products in the months under review.

According to the report, PMS saw a total of 7,853,029,650.80 (7.85 billion) litres imported into the country at an average landing cost of between 123.33 to 126.38 valued at 958,288,705,401.76 (N958.28 billion) compared to 2,110,266,771.00 (2.11 billion) litres of AGO at an average landing cost between 118.88 to 125.22 valued at 254,549,968,916.97 (N25.46 billion)and 208,535,545.00 HHK at an average landing cost of between 123.44 to124.51 valued at 25,469,304,293.11.

Meanwhile, the governorship candidate of Peoples Democratic Party (PDP), Dr. Jimoh Ibrahim, has promised to establish a downstream petroleum serving company known as Ondo Oil with about 180 servicing stations within a year of his administration if elected in the November 26 governorship poll.

The billionaire businessman made the promise at the palace of Olukare of Ikale, Oba Akadiri Momoh, when his campaign train landed in the town for the Northern Senatorial mega rally to round off his campaigns in the six local government areas in the senatorial district.

The governorship hopeful told the royal father and the large crowd of supporters that gathered at the palace that most of the financial needs of the government could be met from returns made on sales of petroleum products from Ondo Oil Limited.